this property is now going to auction/on Sept 22,2011,what is the property tax ///& was there any 2nd mortages or bk taxes &or any liens on property

Asked by Tdahan, Spring Lake, NJ Thu Sep 1, 2011

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Francesca Pa…, Agent, Manasquan, NJ
Thu Sep 1, 2011

Not exactly sure how you determined that this property is "going into auction" as the Reatlor database does not indicate that this is a distressed property. In addition, there does not appear to be any money owed and/or liens to date.

Even if was a distressed property and the current homeowner owed say $420, but the value was $1.1M, the bank will NOT let it go for the $420. They will allow it to go through the foreclosure processs for reasons we can discuss at a a later time. If you have ever been to an auction, you see that there are beau coup pro's there that do this for a living with tons of cash in pocket that will bid this property up to a far greater price if the bank was willing to let it go for 1/2 of it's actual value . . . it's just happening in this market.

Most typically banks will allow foreclosures go through the process and then place the property market at or near market value. Again, if you would like to discuss the process further, call me @ 732.606.2931.

Due to the backlog of foreclosures and the 2010 moratorium on foreclourses, which I understand has recently been lifted, the date of 9/22/11 is quite often comical. I've seen so many properties that were scheduled for foreclosure proceedings dating back to 2009 that have yet to reach that point.

I can say so much more, but it's beter to dsicuss in person.

By the way, the property is currently on the market for rent.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
Gloria INilson REALOTRS, Real Living - Spring Lake
732.606.2931 (Direct)
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Diane Glander, Agent, Spring Lake, NJ
Thu Sep 1, 2011
According to our tax records there was a primary mortgage taken in 2002 for $420K. We don't show a second. To find out if there are any other secondary liens (like water or tax liens) you need to speak with the town. The bank will have done a title search and be aware of any secondary liens. It's really not your concern as the buyer, though. Secondary lienholders get pennies on the dollar and it's a take it or leave it situation from the primary.
If you have never been to a real estate auction, you need to prepare yourself. Make sure you have the proper funds/proof of funds, and be prepared to bid against the bank. This property is worth much more than the $420K that we show is owed on it.
My office had the listing until it was withdrawn due to the foreclosure. It is an oversized lot which is a rarity on the south side of town. Current value would be right around 900K-1MM.
If you have any questions, I am SFR Certified and would be happy to help you. You can reach out to me via my website below or through Trulia. I have been a resident of Spring Lake for about 20 years and have been selling real estate in town for 7. I can send you out comparables, etc. Just let me know.
Good luck to you!
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1 vote
Jamie Esposi…, Agent, Spring Lake, NJ
Thu Sep 1, 2011
Looks like the taxes are $6,670. Not sure about any liens.
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